Lenders to Jet Airways and its second-largest shareholder Etihad Airways have approached the Hinduja Group offering a stake in the grounded airline, said people close to the development, adding that exploratory talks are on.
The Hinduja Group has so far not given a clear commitment about investing in Jet, but began showing interest after Etihad representatives approached GP Hinduja, the elder brother, who heads the group.
The senior Hinduja, in turn, put Etihad in touch with Ashok Hinduja, the younger brother, who leads the India business.
The Hindujas have pockets deep enough to revive Jet, which needs upwards of Rs 15,000 crore. The Hinduja brothers — Srichand and GP — recently reclaimed their joint title of Britain’s wealthiest with their £22 billion fortune, according to The Sunday Times Rich List 2019.
In 2001, the Hinduja Group was the only bidder apart from a consortium of Tata Sons and Singapore Airlines for Air India, 40% of which was up for sale. The national carrier then operated mostly international flights.
The Hinduja Group had also bid for 26% in Indian Airlines, competing with Videocon International. It had tied up with Lufthansa in a venture called Hinduja Lufthansa Cargo Holding BV But the initiatives went nowhere and the stake sale in the two state-run airlines did not take off.
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